APA Corp reveals Q4 2025 supplemental results, including US gas production curtailments and low prices

summarizeSummary

APA Corp released supplemental Q4 2025 financial and operational data, highlighting significant US natural gas production curtailments due to weak Waha hub prices, alongside a notable share repurchase and a large gain from commodity derivatives.

check_boxKey Events

• US Natural Gas Production Curtailment

  APA curtailed approximately 91 MMcf/d of US natural gas and 7,600 bbl/d of US NGL production in Q4 2025 due to weak or negative Waha hub prices.

• Low US Natural Gas Prices

  The estimated average realized price for US natural gas in Q4 2025 was $0.15/Mcf, indicating severe pricing pressure.

• Significant Trading Gain

  The company reported a net gain of $193 million (before tax) on oil and gas purchases and sales, including commodity derivatives.

• Share Repurchase Program

  APA repurchased 2.7 million shares at an average price of $24.17 per share during the fourth quarter.

auto_awesomeAnalysis

This filing offers a crucial early look into APA Corp's Q4 2025 performance, providing specific data points that will shape investor expectations ahead of the full earnings report. The decision to curtail a substantial amount of US natural gas and NGL production underscores the challenging pricing environment, particularly at the Waha hub. While the company benefited from a significant net gain on oil and gas purchases and sales and executed a notable share repurchase, the operational headwinds in its US gas segment are a key concern. Investors should monitor the full earnings report for further details on the impact of these factors on overall profitability and future production guidance.